A contract of partnership gives rise to only two types of relations: (1) relations among the partners; and (2) relations of the partners with the partnership.Group of answer choicesTrueFalse

In a partnership firm, the relationship between partners is based on:a) Ownership of sharesb) Articles of Associationc) Partnership deedd) Employment contract

A partnership is an onerous contract because the law provides a name for it.Group of answer choicesTrueFalse

This type of partnership is one which comprises all that the partners may acquire by their industry or work during the existence of the partnership.Group of answer choicesUniversal Partnership of All Present PropertyUniversal Partnership of ProfitsParticular PartnershipLimited Partnership

A limited partnership is composed of at least two or more limited partners.Group of answer choicesTrueFalse

Understanding Legal StructuresWhich of the following is true regarding partnerships? (More than one option can be correct.)A partnership requires at least four members to form.The partners agree to the terms and conditions mentioned in the partnership deed.All partners have unlimited liability.All partners are required by law to share the profits equally.